Idaho North Resources Announces Private Placement and Central Nevada Exploration Alliance with Coeur Mining

COEUR D'ALENE, Idaho--(BUSINESS WIRE)--

Idaho North Resources IDAH (“INR” or “the Company”) today announced the completion of a private placement and the signing of a letter of intent to enter into an exploration alliance with Coeur Mining Inc. CDE.

Coeur is the largest U.S. based primary silver producer with forecast 2014 production of at least 17-million ounces of silver along with 220,000 ounces of gold. Coeur has exploration and mining projects throughout the Americas, including its longest-running operation, the Rochester silver-gold mine near Lovelock, Nevada.

Thomas Callicrate, Consulting Geologist to the Company and lead member of its Technical Advisory Committee, stated, “We are pleased to work with Coeur on central Nevada exploration effort, pursuing the discovery or acquisition of world class silver-gold deposits in one of the most proven and prolific mining regions on Earth.”

INR President Mark Fralich added, “We are excited to have America's premier silver miner, Coeur, as a shareholder and exploration partner. Through Coeur's funding of the Exploration Alliance, INR's central Nevada exploration efforts is now expected to provide exposure to discovery in a world class mining camp for our shareholders.”

The exploration alliance between Coeur Mining and INR calls for Coeur to fund a central Nevada exploration program (the “Program”) within a specified Area of Interest for a 3-year period. Coeur will pay certain consulting and field-related exploration costs associated with the Program, along with an administrative fee payable to INR in an amount equal to 10 percent of actual expenditures under the Program. IRN will operate the Program under the direction of Mr. Callicrate. The exploration alliance agreement will provide Coeur an earn-in option to acquire interests in certain precious metals properties within the Area of Interest staked by INR, provided Coeur funds certain development related-expenditures and meets certain milestones for preparing technical reports and economic analyses pertaining to the applicable properties, on the specific terms and conditions to be included in the exploration alliance agreement to be negotiated between the parties.

Coeur Mining has purchased 1,333,333 units of INR at $0.15 per unit, for a total of $200,000, in a private placement. Each unit consists of one INR common share and a warrant to purchase one-half of an INR common share within a three-year period at an exercise price of $0.30 per share. INR common shares will be considered restricted securities within the meaning of Rule 144 of the Securities Act of 1933, as amended.

Coeur Mining now owns approximately 14-percent of INR on a fully-diluted basis. INR now has approximately 9.5-million common shares outstanding.

About Idaho North Resources

Idaho North Resources is a U.S. based junior company exploring for gold, silver, and base metals in Nevada. The Company has long-term lease options on the Eagleville gold/silver project south of Fallon, Nevada and the Klondike and Divide silver/gold projects near Tonopah, Nevada. Idaho North Resources is listed on the OTC.QB under the symbol IDAH.

This news release contains certain forward-looking statements within the meaning of the Federal Securities Laws. Such statements are based on assumptions that the Company believes are reasonable but which are subject to a wide range of uncertainties and business risks. There are many factors that could cause actual results to differ from those anticipated.